One of the ways to have more money in retirement is to downsize. This may seem counterintuitive, because after all, you’re working to live longer and make more money so you want to work harder to keep that money coming right? The reality is if you look at the numbers long term, most people don’t make as much money in their lives after retirement as they did when they were working. It’s not because they chose to retire early. It’s just the simple math of compound interest, compounding, and the overall value of your money.
What most people do not realize is that there is money to be made after retirement even if you’re not working anymore. When you downsize, you will have extra money in your pocket for the things you love to do. You’ll have money to go on trips or to put away for that special vacation you’ve been dreaming about for years. All of this can add up to a very nice nest egg for your later years, if you’re smart about your retirement planning. For help with Wealth Management Cardiff, visit https://www.harryrobinsonwm.co.uk/
If you’re not, you need to start now by looking at your current situation and seeing where you are today. Write down your income and then see where you are spending most of it. Figure out what you need to save and invest for your later years and then plan to get those funds started. When you’re planning your retirement, make sure you’re planning for the future and not just for the present, because you’ll enjoy retirement far more if you plan for the future.